Price move gives renewed hope that the digital token can achieve a kind of escape velocity against almost any economic backdrop.

The price of bitcoin rose to a fresh peak near $112,000, extending a recent rally. The digital token rose as high as $111,875 in overnight trading, according to the CoinDesk Bitcoin Price Index. It had set new records for both end-of-day and intraday levels on Wednesday.

Bitcoin hit a new all-time high above $109,000 Wednesday as the cryptocurrency was boosted by regulatory developments.The world’s largest cryptocurrency hit $109,700 just after 12:45 p.m. Eastern, passing its previous record of $109,